The company said at the time it expected to resume new individual user registrations around early August. WeChat, which already has more than 1 billion users, halted signups last week to undergo a “security technical upgrade” to comply with regulations. (Bloomberg) – Tencent has resumed signing up users for its WeChat messaging app, days after suspending registrations for unspecified technical upgrades. – Nadya Swart Tencent resumes WeChat signups as gaming concerns persist The JSE was weaker on Thursday, mirroring its global peers, as investors remained cautious about China’s regulatory clampdown on the technology sector.
Two decades later, Naspers/Prosus shareholders are understandably worried as Naspers owns 29% of Tencent via its global investment vehicle, Prosus. Former Naspers CEO Koos Bekker famously discovered Chinese tech success Tencent in 2001 before it exploded in value, powering up the JSE-listed media company. Shares in Tencent and other Chinese video game companies fell more than 10% after Chinese state media condemned online games as “spiritual opium – a damning denunciation given the Middle Kingdom’s history involving that drug. China’s autocratic crackdown on tech companies, prompted by Jack Ma’s criticism of the Chinese government’s increasingly tight financial regulations in October 2020, has steadily intensified – with Ma’s Alibaba and Ant Group and Chinese ride-hailing giant Didi and other Big Tech companies suffering huge setbacks as a result. – Rappler.Rather amusingly, graphics indicating the roller coaster ride that internet giant Tencent has endured this week look like something out of a game. It said in the statement the deal would be completed by the end of the year. The company announced in June it had agreed to buy Finnish game-maker Supercell Oy, creator of Clash of Clans, from Japanese mobile firm SoftBank for $8.6 billion (P398.26 billion). “In recent months, we have conducted several initiatives to develop our online games and digital content businesses,” chairman Ma Huateng said in a statement to the Hong Kong Stock Exchange, where it is listed. Tencent’s online games business grew by 32% to 17.12 billion yuan (P119.7 billion) in revenues in the second quarter, helped by existing gaming offerings including popular Cross Fire Mobile and Honor of Kings, it said. The company said Weixin “further penetrated into communication scenarios at work,” with 20 million active users registered on its platform for enterprises. The company’s messaging service is expanding into the corporate sector.
Monthly active users for WeChat – known as Weixin in Chinese – reached 806 million from 600 million in June last year. Revenue jumped by 52% from 23.43 billion yuan (P163.81 billion) to 35.69 billion yuan (P249.52 billion), the technology company said.īased in the Chinese southern export hub of Shenzhen, Tencent operates China’s biggest messaging service WeChat, through which a variety of businesses including gaming, advertising and social networking have flourished in recent years. Net profit for the three months to June rose to 10.74 billion yuan (P75.08 billion) from 7.31 billion yuan (P51.11 billion) in the same period last year, beating the average analyst estimate of 9.52 billion yuan (P66.56 billion) according to a Bloomberg survey. HONG KONG, China – Chinese Internet giant Tencent said Wednesday, August 17, its profits jumped by 47% in the second quarter, buoyed by new users of its popular messaging service WeChat, gaming and digital content.
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